US Steel unveiled its new proposal to reinvest $750 million in its Gary, Indiana plant over the weekend; directly citing President Trump’s tough tariffs for what industry insiders are referring to as a “renaissance.”
According to the Chicago Tribune, the company plans to make “significant upgrades” to the facility to cope with increased demand for nationally-produced steel after the President imposed stiff taxes on international goods.
“The investment in the Gary plant is part of a $2 billion asset revitalization program at Pittsburgh-based U.S. Steel. The five-year Gary project will include building expansion and the installation of new production equipment and technology,” writes the Tribune.
“We are pleased to be making this significant investment at Gary Works, which will improve the facility’s environmental performance, bolster our competitiveness and benefit the local community for years to come,” said CEO David Burritt.
“We are experiencing a renaissance at U.S. Steel,” he added.
The President kept his signature campaign promise earlier this year when he announced a 25% tariff on foreign-produced steel entering the United States; escalating a potential “trade war” with China and other trading partners.
Read the full report here.
AMERICA FIRST: Trump Announces STEEL IMPORT TARIFFS
President Trump unveiled stiff import tariffs on steel and aluminum Thursday, making good on his campaign promise to rebuild American industry in the face of cheap and unregulated foreign goods.
The President announced the new trade guidelines during a meeting with industry experts, many of whom told the President it was nearly impossible to compete with underpriced metals flowing into the country from Asia.
“What’s been allowed to go on for decades is disgraceful,” Trump told industry leaders. “And when it comes to a time when our country can’t make aluminum and steel, and somebody said it before and I will tell you, you almost don’t have much of a country. Because without steel and aluminum, your country is not the same. We need it. We need it even for defense.”
“We need great steel makers. Great aluminum makers for defense. So, we will probably see you some time next week. We will be signing it in. You have protection for the first time in a long while and you are going to regrow your industries. That’s all I’m asking. You have to regrow your industries,” added the President.
Watch the President’s comments above.
AMERICA FIRST: Trump SLAMS China with $60 Billion in Trade Tariffs
The Trump administration announced crippling new trade tariffs against China this week, targeting one of America’s major trading partners with over $60 billion on foreign-produced goods.
According to CNBC, President Trump signed the executive order in the White House Thursday afternoon, saying the new tariffs were “the first of many” as America struggles to shrink its massive trade deficit.
US Trade Representative Robert Lighthizer is set to publish a highly-anticipated report in two weeks; detailing over 1,300 product lines impacted by the new import tax.
“The challenge for every president is how to do it in a way that doesn’t punish Americans for China’s misbehavior,” said Chairman of the House Ways and Means Committee. “So, you’ve really got to narrow these and target these.”
The new tariff’s come as the Trump administration announced a massive tariff on steel and aluminum; charging foreign-producers a 25% import fee for access to American markets.